Ethereum price is struggling to recover above the $1,700 resistance against the US dollar. ETH could start a fresh decline if it stays below USD 1,700 and USD 1,720.
- Ethereum is struggling to recover above the USD 1,700 and USD 1,720 levels.
- The price is trading below $1,700 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,680 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a fresh decline if it stays below the USD 1,700 level in the near term.
Ethereum price consolidates below $1,700
Ethereum price started a recovery wave from the $1,520 zone. ETH managed to recover above the USD 1,550 and USD 1,580 levels, similar to Bitcoin.
However, the price is struggling to recover above the $1,700 and $1,720 levels. It is now moving lower and trading below the 23.6% Fib retracement level of the recovery wave from the $1,517 swing low to the $1,716 high. A major bearish trendline is also forming with resistance near $1,680 on the ETH/USD hourly chart.
Ether is now trading below $1,700 and the 100-hour Simple Moving Average. On the upside, the price may encounter resistance near the $1,680 level and trendline.
Source: ETHUSD at TradingView.com
The next resistance is near $1,690 or the 100-hour Simple Moving Average. The first major resistance forms near $1,700 and $1,720. A close above the $1,720 level could spark quite a rise in the near term. The next major resistance is near the $1,750 level. More gains could send the price towards the $1,820 or even $1,880 resistance in the coming days.
Another drop in ETH?
If Ethereum fails to clear the $1,700 resistance, it could start another drop. The initial support on the downside is near the $1,620 level or the 50% Fib retracement level of the recovery wave from the $1,517 swing low to the $1,716 high.
The first major support is near the $1,600 zone. If there is a downside break below $1,600, there could be more losses. The next major support is near the $1,565 support level. Any more losses could send the price towards the $1,520 level in the near term.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,600
Major resistance level – $1,700